Second Avenue Capital Partners, LLC announced it has provided a $35,000,000 senior secured credit facility to a joint venture of Marquee Brands and CSC Generation in support of their newly acquired luxury kitchenware retailer Sur La Table. Proceeds from the transaction are being used to provide additional working capital and support growth.
Sur La Table was founded in 1972 and quickly became a preeminent brand and curator of the finest culinary products and tools to professional and home chefs alike. In addition to serving as a critical retailer to global brands in the sector, Sur La Table is also the largest provider of non-degree cooking schools in the United States with over 650,000 students growing at 19% per year serving as a pioneer in experiential retail and unprecedented customer loyalty.
“The acquisition of Sur La Table, a company known for its exceptional quality, represented an appealing opportunity for us, said Justin Yoshimura, CEO of CSC Generation. “Sur La Table’s seamless omnichannel shopping experience guided by passionate and highly knowledgeable staff, technology, and one-a-kind offerings will allow the company to recover and forge ahead in a post-COVID-19 retail environment.”
“SACP was a true partner throughout the acquisition, from supporting us in the bidding process to delivering a credit facility concurrent with our closing,” Mr. Yoshimura continued. “They remained flexible and executed on the terms provided, adjusting with us as the deal dynamics evolved. Within one week, SACP delivered a capital solution that provides Sur La Table with the resources to build long-term success.”
“These uncertain times have been very disruptive to the retail sector,” said Chris O’Connor, President of Second Avenue Capital Partners. “Because of that disruption, many lenders are stepping back from the space. But with the insight gained from our affiliates and our retail-focused approach, these are exactly the types of transactions where we lean in. With Sur La Table, we see more than just a business with a loyal customer base. We see a company with a product offering that has enhanced purpose for an improved quality of life centered around the home.”